Harel Insurance Investments & Financial Services Ltd. Cuts Stock Position in Simon Property Group, Inc. (NYSE:SPG)

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Harel Insurance Investments & Financial Services Ltd. lessened its position in Simon Property Group, Inc. (NYSE:SPGGet Rating) by 93.6% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 370 shares of the real estate investment trust’s stock after selling 5,430 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Simon Property Group were worth $49,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Brown Advisory Inc. grew its stake in Simon Property Group by 3.2% during the 4th quarter. Brown Advisory Inc. now owns 2,226 shares of the real estate investment trust’s stock worth $356,000 after purchasing an additional 69 shares in the last quarter. Wetherby Asset Management Inc. grew its stake in Simon Property Group by 1.2% during the 4th quarter. Wetherby Asset Management Inc. now owns 6,681 shares of the real estate investment trust’s stock worth $1,068,000 after purchasing an additional 76 shares in the last quarter. Deseret Mutual Benefit Administrators grew its stake in Simon Property Group by 1.3% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 5,982 shares of the real estate investment trust’s stock worth $956,000 after purchasing an additional 77 shares in the last quarter. Clarius Group LLC grew its stake in Simon Property Group by 3.4% during the 4th quarter. Clarius Group LLC now owns 2,862 shares of the real estate investment trust’s stock worth $457,000 after purchasing an additional 93 shares in the last quarter. Finally, Sigma Planning Corp grew its stake in Simon Property Group by 1.7% during the 4th quarter. Sigma Planning Corp now owns 5,621 shares of the real estate investment trust’s stock worth $898,000 after purchasing an additional 96 shares in the last quarter. Hedge funds and other institutional investors own 91.62% of the company’s stock.

Simon Property Group Stock Up 0.3 %

Shares of NYSE SPG opened at $104.03 on Tuesday. The business has a 50-day moving average price of $102.72 and a 200 day moving average price of $123.75. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 6.82. The stock has a market cap of $34.18 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 2.43 and a beta of 1.48. Simon Property Group, Inc. has a 52-week low of $93.06 and a 52-week high of $171.12.

Simon Property Group (NYSE:SPGGet Rating) last posted its quarterly earnings data on Monday, May 9th. The real estate investment trust reported $1.30 EPS for the quarter, missing the consensus estimate of $2.74 by ($1.44). The company had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Simon Property Group had a net margin of 43.12% and a return on equity of 56.67%. The firm’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.48 earnings per share. Equities research analysts forecast that Simon Property Group, Inc. will post 11.72 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Thursday, June 9th were paid a dividend of $1.70 per share. The ex-dividend date was Wednesday, June 8th. This is an increase from Simon Property Group’s previous quarterly dividend of $1.65. This represents a $6.80 annualized dividend and a yield of 6.54%. Simon Property Group’s dividend payout ratio is currently 100.30%.

Analysts Set New Price Targets

Several research analysts recently commented on SPG shares. Wells Fargo & Company lowered their target price on Simon Property Group from $152.00 to $140.00 and set an “equal weight” rating for the company in a research note on Thursday, April 7th. Piper Sandler lowered their target price on Simon Property Group to $130.00 in a research note on Monday, July 4th. Morgan Stanley lowered their target price on Simon Property Group from $145.00 to $133.00 and set an “overweight” rating for the company in a research note on Friday, July 15th. Deutsche Bank Aktiengesellschaft lowered their price objective on Simon Property Group from $173.00 to $129.00 in a research report on Monday, July 18th. Finally, UBS Group lowered their price objective on Simon Property Group from $138.00 to $110.00 and set a “neutral” rating for the company in a research report on Monday. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $147.60.

Simon Property Group Profile

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Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

Further Reading

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